Renaissance Technologies LLC Raises Position in Avidia Bancorp, Inc. $AVBC

Renaissance Technologies LLC raised its position in Avidia Bancorp, Inc. (NYSE:AVBC) by 254.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 43,300 shares of the company’s stock after buying an additional 31,100 shares during the period. Renaissance Technologies LLC owned about 0.22% of Avidia Bancorp worth $852,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of AVBC. OMERS ADMINISTRATION Corp purchased a new position in shares of Avidia Bancorp in the fourth quarter valued at approximately $208,000. Occudo Quantitative Strategies LP purchased a new stake in shares of Avidia Bancorp during the fourth quarter worth approximately $227,000. Jane Street Group LLC purchased a new stake in shares of Avidia Bancorp during the fourth quarter worth approximately $260,000. Deprince Race & Zollo Inc. acquired a new position in Avidia Bancorp in the 1st quarter valued at $399,000. Finally, State Street Corp raised its stake in Avidia Bancorp by 102.9% in the 4th quarter. State Street Corp now owns 55,122 shares of the company’s stock valued at $927,000 after purchasing an additional 27,960 shares during the last quarter.

Avidia Bancorp Stock Performance

Shares of Avidia Bancorp stock opened at $22.20 on Friday. The stock’s 50 day moving average is $20.84. The stock has a market capitalization of $445.84 million and a P/E ratio of 23.37. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.08 and a current ratio of 1.08. Avidia Bancorp, Inc. has a one year low of $14.31 and a one year high of $22.90.

Avidia Bancorp (NYSE:AVBC) last issued its earnings results on Monday, July 27th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.05. Avidia Bancorp had a return on equity of 4.65% and a net margin of 11.51%.The company had revenue of $29.87 million during the quarter, compared to analysts’ expectations of $28.79 million. On average, analysts predict that Avidia Bancorp, Inc. will post 1.44 EPS for the current fiscal year.

Avidia Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 18th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, August 18th. This is a positive change from Avidia Bancorp’s previous quarterly dividend of $0.05. Avidia Bancorp’s dividend payout ratio is presently 21.05%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on AVBC. Zacks Research raised shares of Avidia Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidia Bancorp in a report on Wednesday, July 29th. Finally, Seaport Research Partners reiterated a “buy” rating and issued a $25.00 target price on shares of Avidia Bancorp in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

Insider Buying and Selling at Avidia Bancorp

In other news, CEO Robert D. Cozzone acquired 2,128 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average price of $18.80 per share, with a total value of $40,006.40. Following the completion of the acquisition, the chief executive officer owned 67,357 shares of the company’s stock, valued at $1,266,311.60. This trade represents a 3.26% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders have bought 2,647 shares of company stock worth $49,809.

Avidia Bancorp Company Profile

Avidia Bancorp is the bank holding company for Avidia Bank, a community-focused financial institution headquartered in Hudson, Massachusetts. Through its banking subsidiary, the company offers a range of commercial and retail banking services designed to meet the needs of individuals, families and small- to mid-sized businesses in the communities it serves.

Core products and services include personal and business deposit accounts, consumer and commercial lending, residential mortgage and home equity financing, and cash management and payment solutions for businesses.